SkyX Solar and SAIGONTEL today announced the signing of a joint venture agreement to build and operate rooftop solar projects for industrial facilities within the industrial parks affiliated with SAIGONTEL. SkyX Solar will have a majority stake in the joint venture
and will be responsible for the development of the projects.
The joint venture will initially focus on ten industrial parks to develop and operate more than 50 MW of rooftop solar assets to start with. Six of these industrial parks are in the Central and South regions of Vietnam which have the highest irradiation levels. The joint venture will offer an end-to-end renewable energy solution to creditworthy client partners which entails zero capex, zero opex from them but at the same time, brings cost savings and carbon footprint reduction benefits, while ensuring that there is zero disruption in their main operations.
Mr. Samresh Kumar, Executive Chairman of SkyX Solar and Managing Director, VinaCapital, said, “Rooftop solar, especially for the commercial and industrial (C&I) segment, will be a game changer for the renewable power sector in Vietnam. We are excited to partner with SAIGONTEL, member of SGI Group, a market leader in industrial park development, to transform large ‘idle’ roofs into sources of clean energy. This partnership is a strong milestone in our journey to 150MW + development in
Vietnam over the next three years.”
Ms. Nguyen Cam Phuong, CEO of SAIGONTEL said, “We believe that rooftop solar solutions will enable us to provide differentiated value-add to our partners and customers of our industrial parks by helping them reduce carbon footprint and achieve significant cost savings at the same time. This segment is early in the country and we believe SkyX Solar, backed by VinaCapital, is the right player to provide world class solutions for our own and our client’s facilities”
Devoid of any land, transmission or licensing issues, the rooftop solar power market in Vietnam is witnessing significant demand as leading companies increasingly focus on sustainability and managing rising electricity prices. It is expected that more than 4,000 MW of rooftop solar power will actually get developed in the next five to seven years in the country the potential is even bigger.
However, given the nascent nature of the sector and its unique challenges, strong local players with deep Vietnam market insights and experience as well as international standards for technical and ESG practices such as SkyX Solar are best placed to successfully deliver world class solutions to client partners.